The business behind the dividend
| Measure | DLX | Median | Formula |
|---|---|---|---|
| Return on equity | 12.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 11.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $124.70m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $175.30m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 10.9% | 15.0% | Operating income ÷ revenue |
| Net margin | 3.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.10x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.90x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.04x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 62.53x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.30x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.1% | 8.5% | 4.3% | 10.8% | 10.9% | 1.0% | -39.2% | 16.3% | 22.7% | 26.0% | 10.8% |
| Return on capital employed | 11.0% | 9.0% | 7.3% | 7.5% | 6.3% | 3.0% | -12.9% | 12.7% | 19.1% | 22.9% | 7.5% |
| Operating margin | 10.9% | 9.1% | 7.3% | 7.6% | 7.0% | 2.3% | -9.4% | 11.6% | 16.7% | 19.8% | 7.6% |
| Net margin | 3.8% | 2.5% | 1.2% | 2.9% | 3.1% | 0.3% | -11.1% | 7.5% | 11.7% | 12.4% | 2.9% |
| Debt to equity | 2.10x | 2.42x | 2.63x | 2.72x | 2.93x | 1.64x | 1.55x | 0.99x | 0.70x | 0.82x | 1.64x |
| Current ratio | 1.04x | 0.98x | 0.93x | 0.94x | 0.91x | 1.23x | 1.16x | 1.15x | 0.92x | 0.96x | 0.96x |
| Cash conversion | 3.30x | 3.68x | 7.60x | 2.93x | 3.37x | 41.49x | — | 2.27x | 1.47x | 1.39x | 3.30x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, Deluxe pays out less than 9 of them. The median for that group is 28.4%, against this company’s 31.5%.
Closest on free cash flow
- Paramount Skydance (PSKY) 28.4%
- Sirius XM Holdings (SIRI) 29.3%
- Nexstar Media Group (NXST) 30.4%
- ATN International (ATNI) 35.7%
Same sector and same denominator, so the figures are comparable. All 31 in communications →